Euro/Yuan Finally Pushes Off Support, Getting Traction

27% profit every 20 days?

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It's been brewing for three weeks, but the EUR/CNY chart finally pushed off the support line that brought a quick end to early December's demise. A string of barely higher highs was starting to develop a bullish resistance line to be added to the one that traced the barely higher lows (the same one that can be traced back to mid-2009). With the move to 9.90 (and a high of 9.93) on Monday though, those chains have been broken. EUR/CNY should start to get traction from here, unwinding a modestly oversold situation. A revisit to 10.27 is a reasonable starting target.

27% profit every 20 days?

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